President Trump announced on Wednesday that he had signed a business deal South KoreaApplying 15% tariff on goods from the country.
Mr. Trump has written True social South Korean goods will face 15% tariffs – Less than Earlier this month, he threatened 25% – while American imports in South Korea would not face tariffs. He said that South Korea would be “open to trade” and would accept American automobiles.
South Korea appears to be the latest leading American trading partner to reach an agreement with Trump administration, beyond A Friday time limit When Mr. Trump says that he will put heavy tariffs on dozens of countries.
The South Korean government has not publicly confirmed the deal.
In addition to 15% tariff, Mr. Trump said that South Korea “agreed to give $ 350 billion to the United States for the United States ownership and controlled investment, and chose itself.” The President said that South Korea would also buy the price of $ 100 million natural gas or other energy products, and “will invest a large amount for its investment purposes.”
South Korea was the sixth largest trading partner in the US last year, which did not include multi-country blocks like the European Union, according to the European Union. census Bureau data. The US imported $ 131.5 billion of South Korean goods, and South Korea bought $ 65.5 billion in US goods.
chairman A deal with Japan last week announced a deal And a deal with 27-Nation EU On Sunday. The deals are still outstanding with America’s three largest single trading partners: CanadaMexico and China,
Trump Strike Trade Deal Tariff Threat Loom
Mr. Trump has pressurized the US trading partners to agree to trade deals in his first six months-and floating in large-scale tariffs if they do not correct what they see as unbalanced trading practices.
Most countries including South Korea have faced 10% tariff since AprilWhen Mr. Trump delayed a set of high “mutual tariffs” for 90 days to buy his administration time to talk. Then this month, President sent letters South Korea and about two dozen other business partners asked them to expect a high tariff starting on Friday, August 1, until the deals were done.
Mr. Trump is standing behind the deadline, Writing on Wednesday: “August first time limit August is the first time limit – it’s strong, and it will not be extended.”
Trading partners such as Indonesia, Philippines, European Union and Japan have hit trade deals before then – generally agree to tariffs that are less than the threatened by Mr. Trump, but 10% are more than baseline.
Meanwhile, talks with China, Canada and Mexico continue. High tariffs on Chinese goods are determined to be effective on August 12 until the two countries did not make a deal, although A Extension is possibleUS officials have said.
All said, the President said that this week they hope that most of the imports to the US will face 15% to 20% basic tariffs. Comparatively, according to the average tariff rate on US imports in 2023, according to, according to, according to Yale budget labA non-Pakistani Policy Research Center.
Mr. Trump has argued that to correct his tariff strategy, it is necessary to see what he sees in unfair trade practices and revives American manufacturing. But many economists warn Tariff can cause high inflation More sluggish economic development, and some initial trade moves of the President Financial Markets,
consumer prices Has been relatively stable This year so far-above the 2%-year target of the Federal Reserve. Some economists say that partly because companies have taken steps to prevent short -term shocks from tariffs.
